Classify the market on the basis of their areas.
Answers
Answer:
A. On the Basis of Area:
Using area, there can be local, regional, national and international markets. Local markets confine to locality mostly dealing in perishable and semi-perishable goods like fish, flowers, vegetables, eggs, milk, and others.
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Regional market covers a wider area may be a district, a state or inter-state dealing in durables both consumer and non durables and industrial products, including agricultural produce.
In case of national markets the area covered are national boundaries dealing in durable and non-durable consumer goods, industrial goods, metals, forest products, agricultural produce.
In case of world or international market, the movement of goods is widespread throughout the world, making it as a single market. It should be noted that due to the latest technologies in transport, storage and packaging, even the most perishable goods are sold all over the world, not that only durables.
The market is classified based on areas are Local market, Regional market, and Global market.
What is a Local Market?
- The market that is present in local areas and local buyers buy the products from this market
- The demand and supply of products depend upon the local area
What is Regional Market?
- The market in which goods are produced and sold in a particular region
- This market is present in any state or region
What is Global Market?
- In the Global market, people purchase goods from all over the world
- There are facilities of transportation of goods in this market